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Zillow: Buyer preferences lean toward suburbs

Posted on Friday, June 20, 2014 at 8:10:48 AM

The homebuying process is not something that takes a short amount of time. When you are planning for residential financing and purchasing a new property, make sure you consider every aspect of the deal ahead of time.

According to a recent survey conducted by Zillow, many first-time homebuyers regret something about their move. For example, 40 percent noted that they aren't happy with the cost of their home, 28 percent wish they picked a quieter neighborhood while 17 percent want better parking. Many of the trends found in the survey indicate the first-timers have preferences in line with life in the suburbs, not the city.

Instead of regretting the choice later, make sure you think about how practical the purchase will be now, five years down the line and even farther beyond that.

"Every first-time homebuyer gets excited about just about every home they walk in. They're adrenaline-driven," Bobby Harding, a Kentucky-based real estate agent, told Zillow.

In addition, the Mortgage Bankers Association reported that the estimate of new single-family home sales is at a seasonally adjusted annual rate of 374,000 units for the month of May. Mortgage applications for new properties actually ticked down 8 percent on a monthly basis, however.